OPEC is unlikely to announce a new production cut during its meeting next week, a senior Kuwaiti oil official said in remarks published Sunday.
Imad al-Atiqi, a member of the Supreme Petroleum Council, told the Al-Seyassah daily newspaper that oil prices were stable. Oil ministers from the 12-member Organization of the Petroleum Exporting Countries will instead focus on compliance with current output quotas, he said.
The council is the highest oil policy making body in this OPEC member.
Oil prices have rebounded following their collapse from July 2008 highs of around $147, supported in part by OPEC"s decision late last year to cut production by 4.2 million barrels from September 2008 levels. The October light sweet U.S. crude oil futures contract settled at $72.74 per barrel on Friday.
OPEC kingpin Saudi Arabia has said $75 per barrel is a fair price for both consumers and producers — a level that would allow for continued investments in the sector while not undercutting current global economic recovery efforts.